Guideline Value for M.R. Nagar 1st Street

M.R. Nagar 1st Street guideline value

The current guideline value of M.R. Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of M.R. Nagar 1st Street has changed

The guideline value for M.R. Nagar 1st Street has undergone several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft, which decreased to Rs 1,675 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, and in the latest revision for 2024, it has risen to Rs 2,700 per sq.ft.

To summarize the changes: from 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. The current guideline value of Rs 2,700 per sq.ft represents an overall increase of 8% from the 2012 figure.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which matches the current guideline value of M.R. Nagar 1st Street.

• M.R. Nagar 1st Main Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 2nd Main Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• M.R. Nagar 3rd Cross Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in M.R. Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration would be Rs 2,43,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.R. Nagar 1st Street?

The Sub Registrar Office that covers M.R. Nagar 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Kodungaiyur

The guideline value is a crucial factor in the registration process when buying or selling property in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the buyer must pay stamp duty based on the higher value between the guideline value and the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of M.R. Nagar 1st Street?

The current guideline value of M.R. Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, representing an increase of 8%. It was Rs 1,675 per sq.ft in 2017, which shows a significant increase of 49% to 2023.

What is the land classification for M.R. Nagar 1st Street?

M.R. Nagar 1st Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty rates for properties in M.R. Nagar 1st Street?

The stamp duty rate for properties in M.R. Nagar 1st Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Madhavaram Sub Registrar Office located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.